Insight Wealth Strategies LLC Decreases Stake in Bank of America Co. (NYSE:BAC)

Insight Wealth Strategies LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 3.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,842 shares of the financial services provider’s stock after selling 309 shares during the quarter. Insight Wealth Strategies LLC’s holdings in Bank of America were worth $327,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Bank of America during the 4th quarter valued at about $5,226,989,000. Capital World Investors lifted its holdings in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Amundi increased its holdings in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after buying an additional 10,231,001 shares during the period. Finally, Northern Trust Corp raised its position in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.3%

NYSE:BAC opened at $44.08 on Thursday. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock’s fifty day moving average is $40.42 and its two-hundred day moving average is $43.59. The stock has a market capitalization of $332.01 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent research reports. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Barclays reduced their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. UBS Group raised their target price on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Finally, Piper Sandler decreased their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $47.50.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.